Summerhaven Investment Management LLC

ITEM 5 – FEES AND COMPENSATION

For the provision of its investment advisory services to each Securities Client SMA, SummerHaven receives
an asset-based investment management fee equal to 0.20% per annum of the Securities Client SMA’s net
assets (together, the “Management Fees”). The Management Fees are calculated as of the last day of
each month and paid within 60 days after the end of each calendar quarter. The amount of the Management
Fees payable to SummerHaven was negotiated with the holders of the Securities Client SMAs.

The expenses borne by the Securities Client SMAs were individually negotiated and are set forth in the
respective investment management agreements with the holders of the Securities Client SMAs.

The allocation of expenses by SummerHaven between it and any Client and among Clients represents a
conflict of interest for SummerHaven. SummerHaven has adopted and implemented an expense allocation
policy that is designed to address this conflict in seeking to ensure that expenses are allocated in a fair and
equitable manner.

ITEM 7 – TYPES OF CLIENTS

SummerHaven manages the assets of the Securities Client SMAs and the Commodity Accounts on a
discretionary basis.

With respect to each Client that is a pooled investment vehicle, any initial and additional subscription
minimums are disclosed in the relevant offering documents of the Client. Minimum investment amounts
have been instituted in respect of certain Clients, and may in the future be waived in the sole discretion of
SummerHaven or the investment manager of the relevant Client, as applicable.

Although SummerHaven does not maintain a specific minimum dollar value of assets or other formal
requirements for opening or maintaining a separately managed account, SummerHaven’s account services
are directed toward institutional investors who are prepared to invest a substantial amount in any such
account.